In the past 20 years, the global per capita protein demand has been increasing year by year, and thus the search for sustainable and healthier alternative proteins is the focus of current food research. Yeast proteins are of microbial origin with environmentally friendly advantages. They are high-quality proteins with high bioavailability and are expected to be used as novel alternative proteins for food applications. Although reports on yeast extracts continue to increase, studies on the composition, production methods, and functional properties of yeast proteins lack systematic reviews. In addition, the application of yeast proteins in the food industry has not been summarized previously. This paper reviews the composition of yeast proteins and the approaches for their isolation and extraction, and systematically introduces the functional properties and the wide applications in food fields. Future perspectives for yeast proteins to sustainably and healthily meet the world's growing protein demand are also elucidated. Yeast proteins have great application potential as alternative proteins with a reasonable proportion of amino acid composition. Yeast proteins can be hydrolyzed to produce yeast peptides and can also be used as protein supplements, fining agents, meat extenders, etc. Overcoming the limitations of high nucleic acid content and high cost, and improving the functional properties and sensory acceptability of yeast proteins will greatly promote their market applications. This review will provide ideas and guidance for the research and development of yeast proteins in food applications. Yeast proteins have high nutritional value with an ideal amino acid composition and a wealth of functions and properties. The excellent characteristics allow yeast proteins to be used as sustainable alternative proteins in food applications. Display omitted •The compositions and extraction approaches of yeast proteins are overviewed.•The functional properties of yeast proteins are summarized.•The applications of yeast proteins as alternative proteins in food are reviewed.•The strategies to improve the utilization of yeast proteins are emphasized.